NEW YORK, NY – Greenhaven Road Capital Fund reported a return of approximately 15% in the fourth quarter, rounding out the full year returns to approximately 51%. These returns vary by fund and investment class. The Q2 letter was themed around being “one day closer,” expressing optimism for the future.

During the fourth quarter, the fund added a new investment in the London-listed company, IWG, which manages shared workspaces. IWG operates 19 different brands, representing over 3,400 locations across 120 countries and serving 8 million customers. Unlike its bankrupt competitor, WeWork, IWG did not engage in a growth-at-all-costs campaign and has achieved a 30-plus-year track record of profitability.

The company is transitioning its business model to an asset-light “partnership” model, which eliminates both cyclicality and capital intensity, allowing for significant potential growth and a higher multiple being ascribed to the business in the future.

In addition to managing shared workspaces, IWG operates the largest flex workspace marketplace, which connects businesses and their employees to over 40,000 flex spaces across 170 countries and 5,500 cities.

The market capitalization of IWG is just under $2 billion USD with net debt of another $750 million, offering the potential for the share price to triple over time from the combination of revenue growth, earnings growth, and multiple expansion.

Parties should independently investigate any investment strategy or manager and consult with qualified investment, legal, and tax professionals before making any investment.